Regional Business Cycle Phases in Japan

FRB of St. Louis Working Paper No. 2006-053A

33 Pages Posted: 20 Sep 2006

See all articles by Howard J. Wall

Howard J. Wall

Lindenwood University - Center for Economics and the Environment

Date Written: September 2006

Abstract

This paper uses a Markov-switching model with structural breaks to characterize and compare regional business cycles in Japan for 1976-2005. An early 1990s structural break meant a reduction in national and regional growth rates in expansion and recession, usually resulting in an increase in the spread between the two phases. Although recessions tended to be experienced across a majority of regions throughout the sample period, the occurrence and lengths of recessions at the regional level have increased over time.

Keywords: Markov-switching, regional business cycles, Japan

JEL Classification: E32, R12

Suggested Citation

Wall, Howard J., Regional Business Cycle Phases in Japan (September 2006). FRB of St. Louis Working Paper No. 2006-053A, Available at SSRN: https://ssrn.com/abstract=931204 or http://dx.doi.org/10.2139/ssrn.931204

Howard J. Wall (Contact Author)

Lindenwood University - Center for Economics and the Environment ( email )

209 S. Kingshighway
St. Charles, MO 63301
United States

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